Lending money to friends

[cbcbcb]

Write/Text/Email to him to ask when he will repay the rest of the 500 pounds he owes you. With luck, he'll reply to say it is only 300 pounds - then it's in writing

[Lefty Two Drams]

To be honest, probably not much.

I wouldn't be lending to money to friends unless you're happy to never see it again or are 100% sure you'll get it back.

I've done it a few times. Once, a large amount (5 figures) to a very close friend and I got it back 2 weeks early with a very nice bottle of whisky. Also a few small amounts (<£300) to friends and have had various results - getting it back on time, getting it back a bit late, getting only part back and never hearing from them again.

[mrmr96]

Lefty Two Drams said:

I wouldn't be lending to money to friends unless you're happy to never see it again

^ This.

By the time you're making him sign agreements you've 'lost'. Since even if he does sign it and then subsequently tells you to 'do one' what are you going to do about it? Go to court with your bit of paper hoping to recover your £270? If he was that deperate he needed to borrow £300 off you to repay at £10 pcm over 2.5 years then a court order will probably have little effect as it sounds like he doesn't have the money to repay you.

If you can live without the £270, let it go.
If you can't live without the £270 then you shouldn't have loaned it in the first place - live and learn.

Sorry chap, but I really do think the whole idea of having him 'sign' something is a bit of a waste of time.

[Four Cofffee]

I had a recent temptation to lend money to someone and the overwhelming and excellent advice from PH over the years is only do it if you can afford to lose it.

I was faced with lending a family member some money recently and although in the end I didn't have to (his wife found work) I had decided I would lend what I could aford to lose, mentally write it off and if they repaid, see it as a bonus. I was alrady begining to watch how they spent their money and resent their weekend breaks etc. so wouldn't have lent them more than I could mentally write off because it would have ruined our relationship I am sure.